News

[K-enter] NCT DOYOUNG confirms additional show after sold-out concerts

2025/05/02 14:00

You've got some updates on NCT member DOYOUNG and his solo concert. Please fill us in. DOYOUNG is adding to his solo concerts after receiving an explosive response from the fans. The “2025 DOYOUNG CONCERT ,” scheduled to be held at Jamsil Indoor Stadium in Seoul on June 14th and 15th, sold out both days just with fan club pre-sales. So the artist has decided to hold an additional show on June 13th. The tickets for it will be available on May 12th for fan club pre-sales and May 13th for general sales. Since DOYOUNG’s first solo concert at Kyung Hee University Peace Hall in Seoul last year, he has been expanding the scale of his concerts every time. Meanwhile, DOYOUNG is set to release his second solo album on June 9th. One more chance for DOYOUNG’s fans to get their hands on the tickets. For our next story, we stay on the note of music, but this time it’s a rock festival. Which festival are we talking about? We are talking about the Incheon Pentaport Rock Festival. It has revealed the first names on this year’s lineup that features a blend of legendary acts and rising stars from around the globe. First, the iconic Britpop band, Pulp, is headlining the festival. It’s Pulp’s first-ever concert in Korea. The band, formed in 1978, rose to prominence in the 90s with their hit songs like “Babies” and “Common People.” They recently announced the release of their new album, titled “More,” in June -a first release in 24 years. Some Korean artists featured in the line-up are singer-songwriter Chang Ki-ha, vocalist Song Sohee, and the band Hyukoh, who will team up with Taiwanese indie band Sunset Rollercoaster. The 2025 Incheon Pentaport Rock Festival will be held from August 1st to 3rd at Songdo Moonlight Festival Park in Incheon. This year, the festival celebrates its 20th anniversary and about 60 domestic and international artists are expected to perform. It's interesting to see Song Sohee in the lineup, as she used to be a popular traditional folk singer and now has transformed into a contemporary music singer-songwriter. Lastly, we are going to move onto Netflix. Korean Netflix series are doing amazing, so it’s exciting to hear about a new release, especially when it’s a first for Korea? The first Korean original animated film on Netflix, “Lost in Starlight,” is set to be released on May 30th. The film, taking place in Seoul in the year 2050, depicts a romance between astronaut Nan-young, who dreams of Mars exploration, and Jay, who has put aside his dream of becoming a musician. It is the work of director Han Ji-won, who rose to prominence in the Korean animation scene as a pioneer after winning the Grand Award at the Seoul Indie-Ani Fest with her debut work “Kopi Luwak.” Actors Kim Tae-ri and Hong Kyung lend their voices to Nan-young and Jay respectively. If you want to catch Korea’s first-ever original animated film on Netflix, make sure to check it out on May 30th. Excited to see how well a Korean animation will do on Netflix. Thank you Bella for today’s stories.

S. Korea-U.S. conclude working-level 'technical discussions' on tariffs

2025/05/02 10:00

South Korean industry ministry officials and their U.S. counterparts have wrapped up their first working-level "technical discussion," which follows the "two-plus-two" trade talks held last week. Our Lee Soo-jin tells us more. South Korean and U.S. trade officials concluded two days of "technical discussions" on bilateral trade issues on Thursday, local time. The discussions, which were held in Washington, marks the first working-level meeting between the South Korean delegation, led by Chang Sung-gil, the director-general for trade policy at the industry ministry, and their U.S. Trade Representative counterparts. While the details of the discussions were not disclosed, one source said the meeting aimed to outline a framework for future full-scale talks. The meeting comes on the heels of last week’s so-called "two-plus-two" trade negotiations between Industry Minister Ahn Duk-geun, and then-Finance Minister Choi Sang-mok with U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. During the high-level talks, the two sides agreed to create a trade package aimed at securing tariff exemptions by July 8, the day that a 90-day pause in tariffs set by U.S. President Donald Trump is set to expire. And South Korea is not the only Asian country that the U.S. is holding trade talks with. The second round of tariff negotiations between the U.S. and Japan kicked off on Thursday, local time, in Washington between Treasury Secretary Scott Bessent and his Japanese counterpart,.. Economic Revitalization Minister Ryosei Akazawa. Bessent emphasized the Trump administration's focus on countries in Asia during an interview on Thursday. "I am concentrating on our Asian trading partners. So we're meeting with the Japanese delegation today. We've had some good meetings with Korea. So, you know, we we are moving quickly." He also said that trade deals with other Asians countries may take place before China. White House Deputy Chief of Staff for Policy Stephen Miller maintained a firm stance on China during a briefing on Thursday, saying that the U.S. will not tolerate intellectual property theft or mounting trade deficits. He also said the trade deficit in auto trade between the U.S. and South Korea, Japan and the European Union, was "unsustainable" under fair trade conditions. Lee Soo-jin, Arirang News.

April consumer prices up 2.1% y/y, fourth straight month in 2% range

2025/05/02 10:00

Consumer prices here have been showing an increase in the two-percent range over the past four months. According to data from Statistics Korea on Friday, consumer prices in April increased 2.1 percent year-on-year. The depreciation of the Korean won triggered price increases in processed foods and the cost of dining out. Notably, prices of processed foods rose by 4.1 percent year-on-year, and prices of dining out went up by 3.2 percent. In the meantime, the prices of fresh produce fell by 1.9 percent, marking the largest drop since March 2022.

Education minister now leads S. Korea as finance minister resigns following DP's impeachment push

2025/05/02 10:00

South Korea is now led by Deputy Prime Minister for Social Affairs and Education Minister, Lee Ju-ho fourth in line to the presidency. This comes as Deputy Prime Minister for Finance Choi Sang-mok was initially set to take over again as caretaker but stepped down after the Democratic Party moved to impeach him. Let’s bring in Kim Do-yeon, live from the National Assembly. Do-yeon, walk us through what happened. Dami, tensions flared at the National Assembly last night as the Democratic Party pushed an impeachment motion against Choi Sang-mok — just hours before he was to assume caretaker duties. The DP abruptly changed the plenary agenda, bringing an idle bill to a vote right after Prime Minister Han Duck-soo’s resignation. Choi, who had been present for a vote on the supplementary budget, walked out as the impeachment motion was read and submitted his resignation to then Acting President Han, who accepted effectively halting the vote. The DP accused Choi of being complicit in the alleged insurrection tied to former President Yoon Suk Yeol’s martial law declaration among other unconstitutional acts. In protest, People Power Party lawmakers walked out calling it political retaliation for the Supreme Court’s ruling on DP presidential candidate Lee Jae-myung earlier in the day. Now, for the first time in South Korean history, the Deputy Prime Minister for Social Affairs is serving as acting president. New Acting President Lee Ju-ho began Friday with an emergency National Security Council meeting vowing to keep security tight. Here’s also what he said upon entering office for the first time. "I feel a great sense of responsibility. With the election just a month away, my top priority is ensuring a fair process." Now, this all stems from former Acting President and Prime Minister Han Duck-soo resigning to run for the presidency earlier yesterday and I believe at the moment, he's at the National Assembly to declare his presidency. Catch us up with this. That's right Dami. The former Acting President and Prime Minister is currently giving his declaration speech for his candidacy for the presidency. This comes as at 4 PM yesterday then Acting President Han as anticipated said he will resign effective as of midnight. First, take a listen to what he had to say yesterday. To help overcome the crisis we face, I’ve decided to step down and do what I can, and must do. Following the impeachment and removal of former President Yoon Suk Yeol, Han Duck-soo has been the nation's interim leader. While he was impeached himself by the National Assembly, the Constitutional Court restored him to his duties just 39 days ago. But his move to run for president was widely expected with some People Power Party lawmakers calling for him to run and recent polling showing him ahead of other conservative leaders favored for the next presidency though still behind the DP's Lee Jae-myung. Dami. Do-yeon, do keep us posted please. Thank you.

[Weather] Windy day under bright skies, rainy long weekend

2025/05/02 10:00

We had some rain across the country yesterday, which helped to ease the dry conditions in many areas. However, the eastern parts of Gangwon-do and Gyeongsang-do provinces didn't see much rainfall. So the dry weather advisory remains in place for the east of Gangwon-do and there are wind advisories for the east coast. Please continue to be very careful to avoid accidentally causing any wildfires. It's a cooler start compared to yesterday under bright skies. By the afternoon, we'll see things warm up, with Seoul reaching 20 degrees, Daejeon and Gwangju at 21. More clouds could be rolling in over the upper regions this afternoon. Looking ahead to the long holiday weekend, we have frequent chances of rain. We're expecting rain across the country again tomorrow, Saturday, the amounts will be between 5 and 20 millimeters. Sorry to disappoint you, we also have rain in the forecast for various parts of the country on Children's Day and on Tuesday. Keep an umbrella handy during the holiday!

World's oldest person, Brazilian nun dies at 116

2025/05/02 10:00

In Brazil, Sister Inah Canabarro Lucas, recognized as the world's oldest person, has died at the age of 116. Sister Inah passed away on April 30 in Porto Alegre due to natural causes. Born in 1908, Lucas became a Catholic nun in her early 20s and devoted her life to religious service and teaching. She joined the Teresian Sisters religious community in 1927 and spent decades educating students. Sister Inah was blessed by the late Pope Francis in 2018. She attributed her longevity to her faith, saying that "He is the secret of life." With her passing, 115-year-old Ethel Caterham in England now holds the title of oldest living person.

London sees hottest start to May in recorded history

2025/05/02 10:00

Parts of Northwest Europe are experiencing an unprecedented heatwave, with multiple countries recording their highest temperatures at the start of May. The United Kingdom saw its hottest start to May since records began on Thursday, with temperatures reaching 29.3 degrees Celsius at Kew Gardens in London, according to the Met Office. This surpasses the previous record of 27.4 degrees Celsius set in 1990. Elsewhere in Europe, cities including Paris and Berlin have also experienced unseasonably warm weather, with temperatures reaching 29 and 27 degrees Celsius, respectively. The early onset of such high temperatures raises concerns about the frequency and intensity of future heatwaves in the region.

Next round of Iran-US nuclear talks postponed

2025/05/02 10:00

A fourth round of nuclear negotiations between the United States and Iran, initially scheduled for Saturday, May 3, in Rome, has been postponed, for logistical reasons. On Thursday, Omani Foreign Minister Badr al-Busaidi announced the postponement of the planned talks on the social media platform X, stating the meeting would be rescheduled for logistical reasons. He emphasized that new dates would be announced once they are mutually agreed upon by all parties involved. Iranian officials, however, suggest that the delay reflects deeper issues. They indicated that the next round of talks depends on the U.S. approach, criticizing Washington's recent sanctions on seven entities involved in the trade of Iranian oil products, calling them unhelpful to diplomatic efforts. The U.S. maintains that it had not confirmed the initial Saturday meeting in Rome but expects further discussions "in the near future."

Waltz out as U.S. national security adviser and tapped for UN ambassador

2025/05/02 10:00

U.S. President Donald Trump has removed National Security Adviser Mike Waltz following a security breach and named Secretary of State Marco Rubio his interim replacement. As part of the reshuffle, Trump has nominated Waltz as U.S. Ambassador to the United Nations. President Trump's decision was announced on Thursday local time. This comes after Waltz mistakenly added journalist Jeffrey Goldberg to a group chat of top officials discussing classified U.S. military operations in Yemen. While an internal review concluded the breach was accidental, the incident intensified tensions between Waltz and other officials over his hawkish foreign policy views. Secretary of State Marco Rubio has been appointed as acting National Security Adviser, adding to his current roles as Secretary of State, acting administrator for the United States Agency for International Development, and U.S. Archivist. The Senate must now confirm Waltz's nomination as UN Ambassador.

Supreme Court overturns Lee Jae-myung's acquittal in election law violation, sends case back to high court

2025/05/02 10:00

The Supreme Court on Thursday struck down a lower court's acquittal of Democratic Party presidential candidate Lee Jae-myung on charges of election law violation, sending the case back to the appeals court, with just about a month left until the snap presidential election. Our correspondent Shin Ha-young reports. The Supreme Court has sent the election law violation case of Democratic Party presidential candidate Lee Jae-myung back to the high court. The top court was split 10 to two. It had a full bench oversee the case and reviewed it at an unusually fast pace ahead of the upcoming presidential election. Thursday's ruling follows an appeal by prosecutors against a high court ruling in March that had overturned an initial guilty verdict by a local court. In the initial verdict by Seoul Central District Court in November, Lee was convicted of making false statements in 2021, leading up to the presidential campaign in the following year. The Supreme Court on Thursday also provided guidelines for determining which statements by candidates are considered false. Regarding the "meaning of expressions," the court emphasized that it should be interpreted from the perspective of the general voter, not the candidate or the court itself. When judging "false facts," it emphasized that it's important to consider whether the statement is minor and doesn't affect voters' judgment, or if it's significant enough to mislead them. In this regard, the court ruled that Lee's statements are considered as spreading false information under Public Official Election Act. Lee Jae-myung did not appear in court on Thursday, as defendants are not required to be present. He said the ruling is completely different from what he believed. "The ruling is completely different from what I thought. The law is an agreement by the people, and the will of the people is what matters most." The DP criticized the ruling, calling it clearly political and rushed, and accused the court of unfairly interfering in the presidential election. On the other hand, the People Power Party welcomed the ruling, called for Lee’s resignation, and urged the DP to nominate a new candidate. "The Supreme Court confirmed that Lee distorted public judgment by spreading false information. That alone disqualifies him as a presidential candidate. Stepping down is just common sense." Lee will now face a retrial at the Seoul High Court. Since the court must follow the Supreme Court’s decision, he's expected to be found guilty. The court is expected to hold a sentencing hearing to decide Lee's sentence. Thursday's ruling drew much attention, as it could have affected presidential front-runner Lee’s eligibility to run in the upcoming election. With the case sent back for a retrial, his candidacy remains unaffected, since a final ruling has yet to be made. However, if he is elected before the ruling, it could spark controversy over whether the trial should be paused during his term. If the ruling comes before the election, and if Lee receives a fine of one million Korean won, about 700 U.S. dollars, or more, he would be barred from running for elections for five years, including the June 3rd election. If sentenced to a prison term, the ban extends to ten years. Shin Ha-young, Arirang News.

Rival parties speed up candidate selection as S. Korea's snap election nears

2025/05/01 20:00

Welcome to Within The Frame, where we bring the most pressing issues across the globe into focus. I'm Kim Mok-yeon. With just over a month remaining until Korea's June 3rd snap presidential election, the political landscape has taken another dramatic turn. The Supreme Court has overturned the appellate acquittal of Democratic Party candidate Lee Jae-myung in his election law violation case, with a new ruling that effectively signals a guilty outcome. While such a verdict could have disqualified his candidacy, the final judgment is not expected before election day, allowing Lee to remain in the race—for now. Meanwhile, former Acting President Han Duck-soo has officially resigned and is expected to declare his candidacy tomorrow. His entry could trigger a last-minute conservative realignment, especially as the People Power Party is set to confirm its nominee later this week. As parties gear up to finalize their candidates, we take a closer look at the prospects of the upcoming snap election. And for this, we are joined by Hans Schattle, Professor of Political Science at Yonsei University, in the studio with us. Welcome. Also joining us online is Choi Hyunsun, Professor of Public Administration at Myongji University. Great to have you. (SCHATTLE) 1. So let's begin with the latest update: the Supreme Court's full bench has overturned the second trial's "not guilty verdict" for DP presidential candidate Lee Jae-myung, who was indicted on charges of violating the Public Official Election Act. The case has now been remanded for a new ruling with the implication of guilt. Could you walk us through what this means for his presidential candidacy moving forward—and what the legal and political consequences could he face if the appeals court now returns a guilty verdict? (CHOI) 2.Now to Prof.Choi, also today Former Acting President Han Duck-soo resigned from office and is expected to announce his candidacy tomorrow. It's widely expected that he'll align with the PPP, yet the party's nominee will only be finalized this Sunday. How do you interpret the timing—and what's the most likely scenario that could unfold around a conservative unity ticket? (SCHATTLE) 3. Prof.Schattle, PPP candidate Kim Moon-soo has expressed openness to a unification effort, while his rival Han Dong-hoon has dismissed speculation of merging with Han Duck-soo. If the push for unification fails before the May 11th final registration deadline, what impact could that have on the conservative bloc's competitiveness in this race? (CHOI) 4. Looking at the policy battlefield available so far, many of the leading promises, particularly around youth debt relief, AI education, and housing subsidies, are highly expansive. Prof.Choi, Are we seeing any credible fiscal roadmap from either side? (SCHATTLE) 5. Former Acting President Han Duck-soo is expected to formally propose a shortened presidential term as part of his constitutional reform plan. Prof.Schattle, What is the political logic behind the term reduction—and how might this differentiate him from DP candidate Lee Jae-myung, who has so far remained cautious on constitutional change? (CHOI) 6. Both major parties now endorse a version of the 4.5-day workweek. The DP envisions a long-term shift toward a 4-day model, while the PPP proposes redistributing working hours. From a public administration standpoint Prof.Choi, how realistic is it for the government to oversee such a rollout across sectors with vastly different labor structures? (SCHATTLE) 7. Meanwhile a recent survey by the Korea Manifesto Center on the top ten issues for voters in this election had been released. For the first time, "restoring fairness and trust in institutions" ranked higher than jobs or housing. Prof.Schattle, What does this shift tell us about the psychological and political mood of the electorate? (CHOI) 8. Younger voters—likely to be a decisive demographic—face competing visions: AI education, deregulated housing, debt relief, and even digital sovereignty. Based on what's been proposed so far, what should parties prioritize to win over this critical bloc Prof.Choi? (BOTH) 9.-10. Finally, what policies are voters ultimately looking for from both the former ruling party and the opposition, given the current political vacuum and the instability following the presidential impeachment?

Supreme Court overturns Lee Jae-myung's acquittal in election law violation, sends case back to high court

2025/05/01 20:00

Thank you for joining us. I'm Yoon Jung-min. We start with a major ruling today ahead of the presidential election next month. The Supreme Court today returned to the high court an election law violation case against DP's presidential candidate Lee Jae-myung, with the intent of a guilty verdict. It set the rule by drawing a line between what amounts to freedom of expression and what constitutes false information, when it comes to statements by candidates that could affect voters. Our political correspondent Shin Ha-young reports. The Supreme Court has sent the election law violation case of Democratic Party presidential candidate Lee Jae-myung back to the high court. The top court was split 10 to two. It had a full bench oversee the case and reviewed it at an unusually fast pace ahead of the upcoming presidential election. Thursday's ruling follows an appeal by prosecutors against a high court ruling in March that had overturned an initial guilty verdict by a local court. In the initial verdict by Seoul Central District Court in November, Lee was convicted of making false statements in 2021, leading up to the presidential campaign in the following year. The Supreme Court on Thursday also provided guidelines for determining which statements by candidates are considered false. Regarding the "meaning of expressions," the court emphasized that it should be interpreted from the perspective of the general voter, not the candidate or the court itself. When judging "false facts," it emphasized that it's important to consider whether the statement is minor and doesn't affect voters' judgment, or if it's significant enough to mislead them. In this regard, the court ruled that Lee's statements are considered as spreading false information under Public Official Election Act. Lee Jae-myung did not appear in court on Thursday, as defendants are not required to be present. He said the ruling is completely different from what he believed. "The ruling is completely different from what I thought. The law is an agreement by the people, and the will of the people is what matters most. The DP criticized the ruling, calling it clearly political and rushed, and accused the court of unfairly interfering in the presidential election. On the other hand, the People Power Party welcomed the ruling, called for Lee's resignation, and urged the DP to nominate a new candidate. "The Supreme Court confirmed that Lee distorted public judgment by spreading false information. That alone disqualifies him as a presidential candidate. Stepping down is just common sense." Lee will now face a retrial at the Seoul High Court. Since the court must follow the Supreme Court's decision, he's expected to be found guilty. The court is expected to hold a sentencing hearing to decide Lee's sentence. Thursday's ruling drew much attention, as it could have affected presidential front-runner Lee's eligibility to run in the upcoming election. With the case sent back for a retrial, his candidacy remains unaffected, since a final ruling has yet to be made. However, if he is elected before the ruling, it could spark controversy over whether the trial should be paused during his term. If the ruling comes before the election, and if Lee receives a fine of one million Korean won, about 700 U.S. dollars, or more, he would be barred from running for elections for five years, including the June 3rd election. If sentenced to a prison term, the ban extends to ten years. Shin Ha-young, Arirang News.

[Weather] Rain until today, clear weather tomorrow

2025/05/01 20:00

Rain has been falling from the morning across the country. The rain had meant most of dry weather advisories have been lifted in inland areas, but dry weather warnings around the east coast are still in effect with relatively less rain. Please take precautions to avoid any fires. Rain is accompanied by gusty winds. Currently, strong winds of more than 20 meters per second have been blowing on the west coast, and a strong wind advisory has been issued. Also, wind wave advisories are in place around the West Sea and central parts of the East Sea. The wind is expected to be strong across the country. Tomorrow morning will start off at 8 degrees Celsius in Chuncheon and Daejeon, 11 degrees in Busan. Highs will move up to around 20 degrees all over the country. The weather will be clear again tomorrow but rain is forecast again on Saturday. That's all for Korea. Here are the weather conditions around the world.

Honoring 80 years of liberation: history lives through records

2025/05/01 20:00

A special exhibition marking the 80th anniversary of Korea's liberation is now on display in central Seoul. Through pictures, poems and documents, it offers a glimpse into the lives and emotions of those who lived through Korea's turbulent past. Lee Eun-hee reports. This year marks the 80th anniversary of Korea's liberation, when Korea regained independence from Japan in 1945 after 35년 of colonial rule. To mark the anniversary, and to show the daily lives of people during the colonial rule and other moments of Korea's recent history, the National Museum of Korean Contemporary History is holding a special exhibition called "Records, Memory of You." The displays, including official documents, diaries and literary works show more than just historical facts. They reveal the human emotions of the time-hope, sorrow and joy-so we can experience Korea's journey through the eyes of those who lived it. "This young soldier, unable to write to his illiterate father, asked a journalist to take his photo to let him know he was alive — tragically, he was killed in action the very next day. And this stack of letters was exchanged between a couple separated by the Vietnam War, offering a glimpse into their hope to be reunited." Korea's struggle and pride are reflected in key moments in sports history. From the 1936 Berlin Olympics, where a Korean athlete won gold in the marathon but had to stand under the Japanese flag-to the nation's first international sports victory after liberation and its Olympics debut under the name "KOREA" these milestones capture the resilience and determination of a country reclaiming its identity. "Even though it was a time we never lived through, seeing over 80 years since Korea's first Olympics appearance made me feel how far our country has come, and also gave me a strange, nostalgic feeling, like I had been part of it." "I wanted to come to South Korea, to the Republic of Korea and visit and learn more about the history and arts and culture of the country. So this is actually my first stop. I arrived this morning so I'm very happy to be here and I find the exhibit to be fascinating and very emotional actually because it talks about the history of what has happened in the recent past." Held in collaboration with the Cheongju National Museum and the National Archives of Korea, the exhibition reminds us of the meaning of "Gwangbok" in Korean, meaning the restoration of lost sovereignty-and the importance of never forgetting those historic struggles. Lee Eun-hee, Arirang News.

J-Hope's final world tour show will be available for live viewing worldwide

2025/05/01 20:00

J-Hope, a member of South Korea's leading boy group BTS, will have the final show of his current world tour available for live viewing across 70 countries. Bighit Music says "Hope on the Stage" will make its final stop in Osaka, Japan on May 31st, which will be available in a live cinema broadcast. Ticket purchases for the live viewing will begin on the 9th in Korea, and more than 90 movie theaters will be airing it. J-Hope's first solo world tour began in Seoul this February and is continuing its tour journey, which spans across 31 concerts in 15 regions in North America and Asia.

U.S. Navy Secretary visits shipyards in S. Korea, as Trump administration seeks to revive shipbuilding

2025/05/01 20:00

U.S. Secretary of the Navy John Phelan has this week visited shipyards of South Korea's leading shipbuilding companies, as part of the Trump administration's efforts to revive the U.S. shipbuilding industry. The office of the Secretary of the Navy said Thursday that Phelan visited Hanwha Ocean's shipyard in Geoje and HD Hyundai Heavy Industries' shipyard in Ulsan the day before. He stressed the importance of cooperation between the U.S. Navy and Korea's maritime industrial base, while adding that leveraging the expertise of these highly capable shipyards enables U.S. vessels to operate at peak performance. His visit comes after Trump earlier said the United States may purchase advanced ships from close countries.

S. Korea saw third consecutive month of export growth in April despite U.S. tariffs

2025/05/01 20:00

Korea's exports stayed in the black in April, rising for the third month in a row. Amid widespread concerns over U.S. tariffs, however, its shipments to the U.S were down almost 7-percent. Moon Ji-young covers this latest finding. South Korea's exports grew for the third consecutive month in April, despite the impact of tariffs imposed by the U.S., although outbound shipments to the U.S. saw a drop. According to the Ministry of Trade, Industry and Energy on Thursday, the value of exports last month amounted to 58-point-2 billion U.S. dollars, up 3-point-7 percent compared to the previous year. This marked the highest-ever for any April. This growth comes as outbound shipments of semiconductors, the country's top export engine, surged by a whopping 17 percent on-year to reach 11-point-7 billion dollars. This is the highest figure for any April, driven by strong demand for high-value memory semiconductors such as HBM and price increases of DDR4 DRAM chips. Exports of wireless communications equipment, including smartphones, and exports of biohealth products also expanded by a large margin. While exports of steel and ships both increased, shipments of automobiles, another key export item, dropped almost four percent year-on-year. This decline was largely due to weaker demand for internal combustion engine cars and electric vehicles. Regionally, exports to China rose nearly four percent on-year on strong demand for smartphones and semiconductors. Exports to the European Union also surged by more than 18 percent, setting a new monthly record of 6-point-7 billion dollars. In contrast, outbound shipments to the U.S. decreased almost 7 percent year on year, mainly due to a drop in automobile and machinery exports. "High U.S. tariffs appear to have affected South Korea's exports to the U.S., though the degree of impact differs by sector" In the midst of global trade uncertainties, some experts highlight the need to increase local production in response to strengthening trade barriers, especially on chips. "Rather than solely insisting on exports, pursuing a strategy of increasing local production, while potentially leading to short-term industrial hollowing-out, is a necessary long-term approach to advance our industrial structure." Meanwhile, the country's imports decreased by 2-point-7 percent, driven by a drop in energy imports. Moon Ji-young, Arirang News.

S. Korea confirmed as final contractor of Czech nuclear power project

2025/05/01 20:00

Korea has officially clinched a nuclear power plant project in the Czech Republic, setting another milestone 16 years after its last overseas nuclear plant project. The two sides are scheduled to sit down next week in Prague to seal the deal. Lee Soo-jin has more. South Korea has been officially confirmed as the contractor for the Czech Republic's new nuclear power plant project. Czech Prime Minister Petr Fiala said on Wednesday that a contract to build two reactors at the Dukovany power plant will be signed with the state-run Korea Hydro and Nuclear Power on May 7th. This comes as the Czech government announced that it will take an 80 percent stake in a subsidiary of its state-run energy company CEZ in charge of construction to finance the project, resolving one of the key hurdles to finalizing the nuclear power deal with Korea. CEZ had been pursuing alternative financing options after the government expanded the project from a single unit to two, estimated to cost more than 26 trillion won, or around 18 billion U.S. dollars. The project marks the first export of a nuclear power plant by a South Korean company since the Barakah nuclear plant in the United Arab Emirates in 2009. " Korean companies and Korean government have established strong reputation because they successfully moved into European market. We have struggled due to political tensions but now this market has recovered due to heavy demand for AI and also war between Ukraine and Russia." And if the Czech government later confirms plans to add two new units to the Temelin nuclear power plant, Korea is expected to be granted priority negotiation rights for that project too. A consortium led by the KHNP was selected in July 2024 as the preferred bidder to build the nuclear reactors, beating France's EDF and Westinghouse from the U.S., thanks to its competitive pricing and ability to follow tight construction timelines. While deal was supposed to finalized in March this year, it was delayed following complaints filed by EDF and Westinghouse against the decision. But the path to moving forward with the deal was cleared as Westinghouse and KHNP in January reached an agreement in January to settle their intellectual property dispute, and Czech authorities dismissed EDF appeals in April. The trial operation of the first nuclear unit is set for 2036, with the second to follow shortly after, aligning with the Czech Republic's goal of having 50 percent of its energy generated by nuclear power by 2050. South Korea's Ministry of Trade, Industry and Energy said that it "welcomes the announcement of the official contract signing date and that it will "make every effort to ensure a successful signing ceremony." The ceremony is expected to take place in Prague with representatives from KHNP and the CEZ subsidiary as well as government officials from both countries. Lee Soo-jin, Arirang News.

S. Korea moves closer to finalizing supplementary budget of 13.8 trillion KRW

2025/05/01 20:00

A supplementary budget aimed at addressing disaster recovery, boosting exports, and supporting vulnerable groups comes following days of cross-party negotiations. The result is a compromise to expand the amount in the final package. Our Moon Hye-ryeon reports. South Korea has taken a major step toward finalizing its first supplementary budget in three years — and the first drafted under an acting president. The two main political parties reached an agreement on Thursday to expand the package to 13-point-8 trillion Korean won, roughly 9-point-6 billion U.S. dollars, up from the government's original 12-point-2 trillion won proposal. The budget targets three main priorities: disaster recovery, boosting exports and strategic technologies, and supporting vulnerable communities. A major driver of the budget's expansion is the response to devastating wildfires, which prompted an additional 200 billion won for disaster relief. This will help double the national disaster reserve and upgrade emergency equipment such as drones and AI surveillance systems. As global trade tensions and export slowdowns persist, the budget allocates 4 trillion won for high-tech industries, including policy financing, export programs, and AI semiconductor investment. Another key addition is 400 billion won for regional gift certificates, aimed at boosting consumption in small businesses and traditional markets. Funding for agricultural discounts has been expanded, along with scholarships for university students. With the IMF reducing South Korea's 2025 growth outlook to one percent, more funds have been directed to construction projects to stimulate domestic demand. Experts say this could be vital for job creation and economic recovery. "Reviving the construction sector can have a strong ripple effect. It helps boost employment among low-income, unskilled workers and contributes to faster recovery in domestic demand." The supplementary budget also targets small businesses and vulnerable groups. Measures include a new "burden-relief credit" for electricity and insurance bills, traditional market vouchers, and expanded loans for students and low-income youth. This emergency budget may serve as a stepping stone for more extensive fiscal action later this year. Moon Hye-ryeon, Arirang News.

South Korea's interim leader quits 33 days ahead of Presidential Election; What's next for gov't, politics?

2025/05/01 20:00

Acting President and Prime Minister Han Duck-soo stepped down from his position this afternoon. He is likely to make his presidential bid official in the near future. Our correspondent Oh Soo-young explains its implications. Acting President and Prime Minister Han Duck-soo resigned on Thursday, in a bid to take on a "greater responsibility," just weeks before the June 3rd Presidential Election. In a televised address to the nation, Han bowed out of his position, saying made the "final decision to resign." "I have just left my position as Acting President and Prime Minister." Reflecting on South Korea's rapid economic development, and five decades of his public service, the former official said the country now stands at the crossroads of domestic, economic, and geopolitical complexities. Will our economy, now ranked among the world's top ten, grow stronger and join the G7? Or will it stall and fall behind? Will Korean politics move toward cooperation or fall deeper into extremism? We are grappling with these two questions right now. Between the choices of continuing his immediate duties, or taking on a greater responsibility, Han said he decided to step down from his current role. Following the impeachment and removal of former President Yoon Suk Yeol, Han Duck-soo has been the nation's interim leader. While he was impeached himself by the National Assembly, the Constitutional Court restored him to his duties just 38 days ago. "Han's departure marks the third change of acting president since December, leaving the country's governance in the hands of Finance Minister Choi Sang-mok once again, until a new South Korean leader is elected." Han's announcement comes just three days before the legal deadline for public officials to quit if they plan to run for president. He is expected to declare his candidacy on Friday as an independent, and launch his campaign on Saturday. For weeks, the 75-year-old bureaucrat has reportedly been urged by moderate conservatives in the People Power Party to enter the race. As the PPP's reputation suffers after former President Yoon Suk Yeol declared martial law and was removed from office, Han is believed to be the most viable counterweight to the Democratic Party candidate Lee Jae-myung, who currently leads the polls. If Han Duck-soo joins the race, he's expected to form a coalition with the PPP's final candidate, and work to unite other anti-Lee Jae-myung figures, including former Prime Minister and DP defector Lee Nak-yon and Reform Party leader Lee Jun-seok. Those in favour of Han cite his experience of serving as Prime Minister under both liberal and conservative governments, as well as finance minister and Ambassador to the U.S. Critics say Han was part of the impeached Yoon administration, and that he should focus on preparing a smooth election not running in it. Reacting to his resignation, the DP fiercely criticised Han, deeming his potential run for president a "vile ambition," and threatening to scrutinize him as though ripping off every layer of an onion. Ahead of the PPP's final primary run-off, candidate Kim Moon-soo said he'd discuss a union with Han if he runs. Candidate Han Dong-hoon, meanwhile, said both Kim and the former Acting President are remarkable people, but unable to defeat Lee Jae-myung. The PPP's run-off takes place this Saturday, leaving room for maneuvering before candidate registrations for the race close on May 11th. Oh Soo-young, Arirang News.